The subscription-based business model is boasting incredible offers of affordability and convenience that traditional brick and mortar stores can’t offer. Many Americans are being swept up with this growing market, and currently there are 61 million people nationwide that have at least one of the 255 million subscriptions that are available. Millennials and Gen Z are especially receptive to these trends and are driving most of the growth rates that we are currently witnessing- 3.7 times higher than traditional S&P 500 companies.
The COVID-19 pandemic was a major factor in the growth of subscription services both domestically and internationally. Because lockdowns prompted traditional businesses to temporarily close to prevent the spread of the virus, consumers were forced to turn to internet subscription services in order to get necessities like groceries and toiletries. As a result, subscription-based companies experienced an 11.6% growth during the pandemic, compared to a 1.6% fall in other sectors.
There are so many different subscriptions being offered on the market, but some are more popular than others. Media streaming, security, and beauty services are dominating the lists in several different states. However, there are some truly unique subscriptions that have been made available. For example, in Florida, subscriptions to dog walking services can set up consistent appointments for their pooch just through their phone.